Plymouth Industrial REIT (NYSE:PLYM) Posts Quarterly Earnings Results, Misses Expectations By $0.33 EPS

Plymouth Industrial REIT (NYSE:PLYM) released its quarterly earnings data on Wednesday. The company reported $0.14 EPS for the quarter, missing the consensus estimate of $0.47 by ($0.33), Zacks reports. Plymouth Industrial REIT had a net margin of 6.75% and a return on equity of 2.84%. The company had revenue of $50.23 million during the quarter, compared to analyst estimates of $50.73 million. During the same period in the previous year, the company posted $0.45 EPS. Plymouth Industrial REIT updated its FY 2024 guidance to 1.880-1.920 EPS.

Plymouth Industrial REIT Price Performance

Shares of NYSE PLYM traded down $0.47 during mid-day trading on Thursday, reaching $20.52. The company had a trading volume of 315,542 shares, compared to its average volume of 241,715. The company has a debt-to-equity ratio of 1.47, a quick ratio of 0.11 and a current ratio of 0.11. Plymouth Industrial REIT has a one year low of $19.21 and a one year high of $25.55. The firm has a market cap of $931.20 million, a price-to-earnings ratio of 107.42, a PEG ratio of 1.56 and a beta of 1.35. The business’s 50-day simple moving average is $21.47 and its 200 day simple moving average is $21.98.

Plymouth Industrial REIT Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 30th. Investors of record on Thursday, March 28th were given a $0.24 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 4.68%. This is a boost from Plymouth Industrial REIT’s previous quarterly dividend of $0.23. Plymouth Industrial REIT’s dividend payout ratio (DPR) is presently 505.26%.

Wall Street Analyst Weigh In

PLYM has been the subject of several research reports. Truist Financial cut their price target on Plymouth Industrial REIT from $26.00 to $24.00 and set a “buy” rating for the company in a report on Thursday, February 29th. Barclays initiated coverage on Plymouth Industrial REIT in a report on Wednesday, March 27th. They set an “equal weight” rating and a $22.00 price target for the company. Finally, JMP Securities raised Plymouth Industrial REIT from a “market perform” rating to an “outperform” rating and set a $27.00 price target for the company in a report on Monday, January 22nd. One analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Plymouth Industrial REIT has an average rating of “Moderate Buy” and a consensus price target of $25.00.

Insider Buying and Selling

In other Plymouth Industrial REIT news, Director Pendleton P. White bought 4,000 shares of the firm’s stock in a transaction on Thursday, March 14th. The shares were purchased at an average price of $21.58 per share, for a total transaction of $86,320.00. Following the completion of the transaction, the director now directly owns 4,000 shares in the company, valued at approximately $86,320. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.30% of the stock is owned by company insiders.

About Plymouth Industrial REIT

Plymouth Industrial REIT, Inc (NYSE: PLYM) is a full service, vertically integrated real estate investment company focused on the acquisition, ownership and management of single and multi-tenant industrial properties. Our mission is to provide tenants with cost effective space that is functional, flexible and safe.